Paritosh's Feed
May 30, 2014

Element close to buying PHH’s fleet leasing unit -source

NEW YORK, May 30 (Reuters) – Canadian equipment finance
company Element Financial Corp is close to a deal to
buy PHH Corp’s auto fleet leasing business for about
$1.35 billion in cash, according to a source familiar with the
matter on Friday.

The boards of the two companies are expected to meet this
weekend to approve the transaction, the terms of which are being
finalized, the source said. A deal for the unit, PHH Arval,
could be announced as soon as Monday, the source said.

May 21, 2014

Exclusive: Element nears deal to buy PHH’s leasing unit for $1.35 billion

NEW YORK (Reuters) – Canadian equipment finance company Element Financial Corp (EFN.TO: Quote, Profile, Research, Stock Buzz) is in exclusive talks to buy PHH Corp’s (PHH.N: Quote, Profile, Research, Stock Buzz) fleet leasing business for about $1.35 billion in cash, in a deal structured to include significant tax benefits, a source familiar with the matter said on Wednesday.

PHH said in February it was considering separating or selling its mortgage and auto fleet leasing businesses.

Mar 4, 2014

Itaú-CorpBanca merger plan draws fire from U.S. investor

SAO PAULO/NEW YORK, March 4 (Reuters) – An activist U.S.
investor has asked Chilean bank CorpBanca SA to
reconsider its approval of a merger with Brazil’s Itaú Unibanco
Holding SA and to launch a new auction, alleging
CorpBanca had sold its minority investors short while benefiting
its key shareholder.

The deal with Itaú, worth about $3.7 billion, undervalued
the bank’s shares and gave special benefits to Chilean
billionaire Alvaro Saieh and his investment holding company Corp
Group, hedge fund Cartica Management told the board of CorpBanca
in a letter late on Monday.

Mar 4, 2014

Exclusive: Itaú-CorpBanca deal draws fire from U.S. activist investor

SAO PAULO/NEW YORK (Reuters) – A United States activist investor is asking CorpBanca SA’s COB.SN board to scrap its recent tie-up with Brazil’s Itaú Unibanco Holding SA (ITUB4.SA: Quote, Profile, Research, Stock Buzz) and launch a new auction, alleging the Chilean bank sold its minority investors short while benefiting its controlling shareholder, according to documents seen by Reuters.

Hedge fund Cartica Management LLC said in a letter sent late on Monday to the board of CorpBanca that the Itaú deal, worth an estimated $3.7 billion, undervalued the bank’s shares and gave an array of special benefits to Chilean billionaire Alvaro Saieh and his investment holding company Corp Group.

Feb 21, 2014

Exclusive: Fortress, others eye Citi’s OneMain consumer finance unit

NEW YORK (Reuters) – Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) has been approached by Fortress Investment Group LLC (FIG.N: Quote, Profile, Research, Stock Buzz) and some other private equity firms about a potential deal for its consumer finance business, OneMain Financial, according to two people familiar with the situation.

The bank has not made a decision yet about whether to sell the business, which makes personal loans through a network of about 1,100 branches, one of the sources said.

Feb 21, 2014

Fortress, others eye Citi’s OneMain consumer finance unit

NEW YORK, Feb 21 (Reuters) – Citigroup Inc has been
approached by Fortress Investment Group LLC and some
other private equity firms about a potential deal for its
consumer finance business, OneMain Financial, according to two
people familiar with the situation.

The bank has not made a decision yet about whether to sell
the business, which makes personal loans through a network of
about 1,100 branches, one of the sources said.

Feb 21, 2014

Exclusive: Ally targets March IPO to raise up to $4.5 billion, government exit

By Paritosh Bansal and Olivia Oran

(Reuters) – Ally Financial Inc is hoping for an initial public offering of as much as $4.5 billion next month, sources familiar with the matter said, in a deal that would allow the U.S. government to make a profit on its crisis-era bailout of the auto lender.

Only the U.S. Treasury Department, which owns 37 percent of the former General Motors Co unit, is expected to sell stock in the IPO.

Feb 21, 2014

Ally targets March IPO to raise up to $4.5 bln, gov’t exit

Feb 21 (Reuters) – Ally Financial Inc is hoping for an
initial public offering of as much as $4.5 billion next month,
sources familiar with the matter said, in a deal that would
allow the U.S. government to make a profit on its crisis-era
bailout of the auto lender.

Only the U.S. Treasury Department, which owns 37 percent of
the former General Motors Co unit, is expected to sell
stock in the IPO.

Feb 4, 2014

Exclusive: Deutsche fires three New York forex traders – source

NEW YORK (Reuters) – Deutsche Bank AG DBKGN.DE has fired three New York-based currency traders, in the latest sign that a probe over alleged manipulation of foreign exchange markets is gathering steam, according to a source familiar with the situation.

Diego Moraiz, Robert Wallden and Christopher Fahy were terminated by the bank, which told trading floor staff of the development on Tuesday, according to the source.

Jul 27, 2013

Publicis, Omnicom to announce merger soon-source

PARIS/NEW YORK, July 27 (Reuters) – French advertising group
Publicis will soon announce a plan to combine with
larger rival Omnicom in a deal that will be presented as
a merger of equals and could include shared management, a person
familiar with the situation said.

Publicis said on Saturday that it plans to make a “major
corporate announcement” on Sunday at a media briefing at 1200
GMT at its Paris headquarters, without giving further details.